Activist investor Biglari says ISS, other advisers back Cracker Barrel proxy battle

Cracker Barrel Old Country Store

10/11/2025 15:51

Nov 10 (Reuters) - Cracker Barrel Old Country Store CBRL.O came under mounting pressure ahead of its annual meeting after activist investor Biglari Capital said on Monday proxy advisory firms were backing a campaign to withhold the reelection of its board members.

The restaurant chain has witnessed a turbulent year, with its stock diving after widespread criticism of its attempted logo redesign as part of a restructuring.

Biglari, a long-time activist investor that also tried to acquire the company in 2012, launched a fresh proxy battle at Cracker Barrel in September, urging shareholders to vote to withhold the reelection of CEO Julie Felss Masino and board member Gilbert Dávila at the company's annual meeting, which is scheduled for November 20.

Proxy adviser Glass Lewis has criticized Cracker Barrel's leadership for inconsistent governance standards and strategic missteps, citing the company's mid-2025 restructuring as a period marked by poor communication, failed initiatives and steep investor losses, Biglari said in a statement.

Institutional Shareholder Services echoed the performance concerns, recommending shareholders vote against director Dávila, the activist investor said.

Cracker Barrel's attempt to change its logo triggered a public backlash from conservatives including U.S. President Donald Trump and caused a sharp decline in its share price, forcing the company to revert to its original "Old Timer" branding.

Other proxy advisory firms and Cracker Barrel did not immediately respond to Reuters requests for comment.

 (Reporting by Koyena Das in Bengaluru; Editing by Pooja Desai)

 ((koyena.das@thomsonreuters.com))